European Parliament Adopts New Directive on the Use of Financial Information for Criminal Investigation

On April 17, 2019, the European parliament adopted a resolution approving a new Directive intended to facilitate law enforcement authorities' access to and use of financial information held in other jurisdictions within the EU for investigations related to terrorism and other serious crimes. The Directive grants competent authorities direct access to bank account information contained in centralized registries set up in each Member State, according to the provisions of the Fifth AML Directive. The new instrument also aims to strengthen domestic and cross-border exchange of information between EU Member States' competent authorities, including law enforcement authorities and financial intelligence units, as well as with Europol. Financial information represents a valuable instrument for law enforcement authorities in the fight against crime and terrorism. As a basis for financial investigations, in particular in the area of money laundering and terrorist financing, financial data facilitates the identification of criminals and terrorists, as well as the tracing of proceeds of crime in view of their freezing or confiscation, and may serve as evidence in criminal proceedings.